------------------------------------------------------------------------------


------------------------------------------------------------------------------



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

              (Mark One)
             X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997

                                       OR

                TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                For the transition period from       to

                         Commission file number 0-13458

           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)

           Connecticut                             06-1094176
     (State of Organization)          (I.R.S. Employer Identification No.)


                     900 Cottage Grove Road, South Building
                          Bloomfield, Connecticut 06002
                    (Address of principal executive offices)


                        Telephone Number: (860) 726-6000



Indicate by checkmark  whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                  Yes       X                No


                                       

<PAGE>


<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION

           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                                                                                       MARCH 31,               DECEMBER 31,
                                                                                         1997                      1996
                                                               ASSETS                 (UNAUDITED)                (AUDITED)
<S>                                                                               <C>                       <C>          
Property and improvements, at cost:
     Land and improvements                                                        $     2,533,388           $     2,533,388
     Buildings                                                                         12,003,156                11,983,616
     Tenant improvements                                                                3,259,429                 3,258,274
                                                                                  ---------------           ---------------
                                                                                       17,795,973                17,775,278
     Less accumulated depreciation                                                      7,362,741                 7,362,741
                                                                                  ---------------           ---------------
              Net property and improvements                                            10,433,232                10,412,537

Equity investment in unconsolidated joint venture                                       2,865,645                 2,794,009
Cash and cash equivalents                                                                 595,034                   595,103
Accounts receivable (net of allowance of $56,594
   in 1997 and $27,143 in 1996)                                                            93,305                    49,788
Prepaid expenses and other assets                                                          33,020                    12,093
Deferred charges, net                                                                     502,582                   503,416
                                                                                  ---------------           ---------------
              Total                                                               $    14,522,818           $    14,366,946
                                                                                  ===============           ===============

                   LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Liabilities:
     Accounts payable and accrued expenses (including $50,329
       in 1997 and $44,611 in 1996 due to affiliates)                             $       234,462           $       185,114
     Tenant security deposits                                                              55,379                    66,859
     Unearned income                                                                       56,676                    48,897
                                                                                  ---------------           ---------------
              Total liabilities                                                           346,517                   300,870
                                                                                  ---------------           ---------------

Partners' capital (deficit):
     General Partner:
         Capital contribution                                                               1,000                     1,000
         Cumulative net income                                                            175,854                   172,095
         Cumulative cash distributions                                                   (177,348)                 (174,149)
                                                                                  ---------------           ---------------
                                                                                             (494)                   (1,054)
                                                                                  ---------------           ---------------
     Limited partners (39,236.25 Units):
         Capital contributions, net of offering costs                                  35,602,279                35,602,279
         Cumulative net income                                                          4,727,767                 4,355,610
         Cumulative cash distributions                                                (26,153,251)              (25,890,759)
                                                                                  ---------------           ---------------
                                                                                       14,176,795                14,067,130
                                                                                  ---------------           ---------------
              Total partners' capital                                                  14,176,301                14,066,076
                                                                                  ---------------           ---------------
              Total                                                               $    14,522,818           $    14,366,946
                                                                                  ===============           ===============



                             The Notes to Financial  Statements  are an integral part of these statements.

                                                                 2
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                   (Unaudited)


                                                                                                     1997                   1996
                                                                                                     ----                   ----
<S>                                                                                            <C>                   <C> 
Income:
     Base rental income                                                                        $     568,522         $     518,198
     Other operating income                                                                           58,326                53,763
     Interest income                                                                                   6,926                16,196
                                                                                               -------------         -------------
                                                                                                     633,774               588,157
                                                                                               -------------         -------------
Expenses:
     Property operating expenses                                                                     215,325               212,287
     General and administrative                                                                       25,061                23,952
     Fees and reimbursements to affiliates                                                            59,657                41,696
     Provision for doubtful accounts                                                                  29,451                 2,354
     Depreciation and amortization                                                                        --               168,372
                                                                                               -------------         -------------
                                                                                                     329,494               448,661
                                                                                               -------------         -------------

         Net partnership operating income                                                            304,280               139,496

Other income:
     Equity interest in joint venture net income                                                      71,636                 5,487
                                                                                               -------------         -------------

         Net income                                                                            $     375,916         $     144,983
                                                                                               =============         =============


Net income:
     General Partner                                                                           $       3,759         $       1,450
     Limited partners                                                                                372,157               143,533
                                                                                               -------------         -------------
                                                                                               $     375,916         $     144,983
                                                                                               =============         =============


Net income per Unit                                                                            $        9.49         $        3.66
                                                                                               =============         =============

Cash distribution per Unit                                                                     $        6.69         $       37.31
                                                                                               =============         =============











                             The Notes to Financial  Statements  are an integral part of these statements.

                                                                 3
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                   (Unaudited)

                                                                                         1997                      1996
                                                                                         ----                      ----
<S>                                                                               <C>                       <C>    
Cash flows from operating activities:
     Net income                                                                   $       375,916           $       144,983
     Adjustments to reconcile net income to net
      cash provided by operating activities:
         Deferred rent credits                                                                834                     5,955
         Depreciation and amortization                                                         --                   168,372
         Provision for doubtful accounts                                                   29,451                     2,354
         Equity interest in joint venture net income                                      (71,636)                   (5,487)
         Accounts receivable                                                              (72,968)                   81,011
         Accounts payable                                                                  49,348                    99,417
         Other, net                                                                       (24,628)                  (19,160)
                                                                                  ---------------           ---------------
              Net cash provided by operating activities                                   286,317                   477,445
                                                                                  ---------------           ---------------

Cash flows from investing activities:
     Purchases of property and improvements                                               (20,695)                 (135,365)
     Payment of leasing commissions                                                            --                   (71,225)
                                                                                  ---------------           ---------------
              Net cash used in investing activities                                       (20,695)                 (206,590)
                                                                                  ---------------           ---------------

Cash flows from financing activities:
     Cash distribution to limited partners                                               (262,492)               (1,463,905)
     Cash distribution to General Partner                                                  (3,199)                   (2,108)
                                                                                  ---------------           ---------------
              Net cash used in financing activities                                      (265,691)               (1,466,013)
                                                                                  ---------------           ---------------

Net decrease in cash and cash equivalents                                                     (69)               (1,195,158)
Cash and cash equivalents, beginning of year                                              595,103                 2,052,475
                                                                                  ---------------           ---------------
Cash and cash equivalents, end of period                                          $       595,034           $       857,317
                                                                                  ===============           ===============















                             The Notes to Financial  Statements  are an integral part of these statements.

                                                                 4
</TABLE>
<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


     Readers of this quarterly  report should refer to the  CONNECTICUT  GENERAL
EQUITY PROPERTIES-I LIMITED  PARTNERSHIP'S ("the Partnership") audited financial
statements  for the year  ended  December  31,  1996 which are  included  in the
Partnership's  1996 Annual Report,  as certain footnote  disclosures which would
substantially  duplicate  those contained in such audited  financial  statements
have been omitted from this report.

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A)   BASIS OF  PRESENTATION:  The  financial  statements  have been  prepared in
     conformity  with  generally  accepted  accounting  principles,  and reflect
     management's estimates and assumptions that affect the reported amounts. It
     is the  opinion  of  management  that the  financial  statements  presented
     reflect  all  the  adjustments  necessary  for a fair  presentation  of the
     financial condition and results of operations.  All such adjustments are of
     a normal recurring nature. Certain amounts in the 1996 financial statements
     have been reclassified to conform to the 1997 presentation.

B)   CASH AND CASH EQUIVALENTS:  Short-term investments with a maturity of three
     months  or less at the time of  purchase  are  generally  reported  as cash
     equivalents.

C)   OTHER ASSETS: At March 31, 1997, other assets included costs related to the
     sale of the properties.

2.   INVESTMENT PROPERTIES

     On  December  10,  1996,  the  Partnership  and  Glenborough  Realty  Trust
Incorporated  ("Glenborough")  executed  a letter  of  intent  setting  forth an
agreement  in  principle  on the  terms and  conditions  of a sale of all of the
Partnership property and improvements (Lake Point Service Center ("Lake Point"),
Woodlands  Plaza Office  Building  ("Woodlands"),  and the  Partnership's  joint
venture  interest  in the  Westford  Corporate  Center  ("Westford  JV")) for an
aggregate  purchase price of  $14,554,000.  On January 10, 1997, the Partnership
and the Glenborough Properties, L.P., an affiliate of Glenborough,  entered into
an Agreement of Purchase and Sale (the "Purchase  Agreement")  incorporating the
terms and conditions of the letter of intent.

     On March 25, 1997, the Partnership sent a Consent Solicitation Statement to
Limited Partners requesting consent to the proposed sale, the Purchase Agreement
and the liquidation.  The Consent Solicitation Statement expired April 15, 1997,
and the General Partner  received the required  majority  consent.  The sale was
completed on April 29, 1997.

     After  closing  costs of  approximately  $86,800,  the  Partnership  netted
approximately $14,467,200 (Lake Point - $6,442,500,  Woodlands - $5,371,000, and
Westford JV interest -  $2,653,700).  For book  purposes,  the  properties had a
carrying value of approximately $13,490,400 (Lake Point - $6,543,500,  Woodlands
- $4,434,800, and Westford JV interest - $2,512,100) and the Partnership expects
to  record  a net  gain of  approximately  $976,800  (Lake  Point -  $(101,000),
Woodlands - $936,200,  and  Westford JV interest -  $141,600).  To complete  the
liquidation,  the net proceeds from the sale together with the net cash from the
transfer of the Partnership's  remaining assets to the General Partner,  will be
distributed to limited  partners on or about June 30, 1997. The Partnership will
terminate concurrently with the liquidating distribution.

3.   UNCONSOLIDATED JOINT VENTURE - SUMMARY INFORMATION

     The Partnership  owns a 26.08% interest in the Westford Office Venture (the
"Venture") which owns the Westford Corporate Center in Westford,  Massachusetts.
The general partner of the  Partnership's  joint venture partner is an affiliate
of the General Partner.

                                        5

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                   (Unaudited)

<TABLE>
<CAPTION>
     Venture operations information:
                                                                                      Three Months Ended
                                                                                           March 31,
                                                                                1997                       1996
                                                                                ----                       ----
     <S>                                                                   <C>                       <C>       
     Total income of venture                                               $     464,762             $      418,573
     Net income of venture                                                       274,679                     21,037

     Venture balance sheet information:
                                                                                March 31,              December 31,
                                                                                  1997                     1996

     Total assets                                                          $  12,011,717             $   11,712,625
     Total liabilities                                                           769,280                    744,867

</TABLE>
4.   DEFERRED CHARGES

     Deferred charges consist of the following:
                                              March 31,          December 31,
                                                1997                 1996

     Deferred leasing commissions        $     1,232,949      $     1,232,949
     Accumulated amortization                   (738,628)            (738,628)
                                         ---------------      ----------------
                                                 494,321              494,321
     Deferred rent credits                         8,261                9,095
                                         ---------------      ---------------
                                         $       502,582      $       503,416
                                         ===============      ===============
5.   TRANSACTIONS WITH AFFILIATES

     Fees and other expenses incurred by the Partnership  related to the General
Partner or its affiliates are as follows:

                                           Three Months Ended          Unpaid at
                                               March 31,               March 31,
                                         1997           1996             1997
                                         ----           ----             ----

 Partnership management fee(a)      $    32,024    $    14,876      $   32,024
 Property management fee (b)(c)          11,912         12,061           7,802
 Reimbursement (at cost) of
  out-of-pocket expenses                 15,721         14,759          10,503
                                    -----------    -----------      ----------
                                    $    59,657    $    41,696      $   50,329
                                    ===========    ===========      ==========


(a) Includes  management fees attributable to the Partnership's  26.08% interest
in the Westford Office Venture.

(b)  Does not include  management fees attributable to the Partnership's  26.08%
     interest in the Westford  Office Venture of $3,517 and $3,504 for the three
     months ended March 31, 1997 and 1996, respectively.

                                        6

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                   (Unaudited)


(c)  Does not include  on-site  property  management  fees earned by independent
     management  companies  of $24,721 and $25,720  for the three  months  ended
     March 31, 1997 and 1996, respectively. On-site property management services
     have been  contracted  by an affiliate of the General  Partner on behalf of
     the Partnership and are paid directly by the Partnership to the third party
     companies.

6.   SUBSEQUENT EVENT

     On May 15, 1997, the Partnership paid the first quarter  distribution  from
operations of $294,272 to limited partners and $3,238 to the General Partner.



                                        7

<PAGE>


          
           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES

     At March 31, 1997,  the  Partnership's  cash and cash  equivalents  and the
Partnership's  share of cash  and cash  equivalents  from  the  Westford  Office
Venture totaled  $595,034 and $614,497,  respectively.  The Partnership paid the
first  quarter 1997 cash  distribution  of $294,272 or $7.50 per Unit on May 15,
1997,  reflective of the  Partnership's  adjusted cash from  operations  for the
three months ended March 31, 1997.

     On  December  10,  1996,  the  Partnership  and  Glenborough  Realty  Trust
Incorporated  ("Glenborough")  executed  a letter  of  intent  setting  forth an
agreement  in  principle  on the  terms and  conditions  of a sale of all of the
Partnership property and improvements (Lake Point Service Center ("Lake Point"),
Woodlands  Plaza Office  Building  ("Woodlands"),  and the  Partnership's  joint
venture  interest  in the  Westford  Corporate  Center  ("Westford  JV")) for an
aggregate  purchase price of  $14,554,000.  On January 10, 1997, the Partnership
and the Glenborough Properties, L.P., an affiliate of Glenborough,  entered into
an Agreement of Purchase and Sale (the "Purchase  Agreement")  incorporating the
terms and conditions of the letter of intent.

     On March 25, 1997, the Partnership sent a Consent Solicitation Statement to
Limited Partners requesting consent to the proposed sale, the Purchase Agreement
and the liquidation.  The Consent Solicitation Statement expired April 15, 1997,
and the General Partner  received the required  majority  consent.  The sale was
completed on the April 29, 1997.

     After  closing  costs of  approximately  $86,800,  the  Partnership  netted
approximately $14,467,200 (Lake Point - $6,442,500,  Woodlands - $5,371,000, and
Westford JV interest -  $2,653,700).  For book  purposes,  the  properties had a
carrying value of approximately $13,490,400 (Lake Point - $6,543,500,  Woodlands
- $4,434,800, and Westford JV interest - $2,512,100) and the Partnership expects
to  record  a net  gain of  approximately  $976,800  (Lake  Point -  $(101,000),
Woodlands - $936,200,  and  Westford JV interest -  $141,600).  To complete  the
liquidation,  the net proceeds from the sale together with the net cash from the
transfer of the Partnership's  remaining assets to the General Partner,  will be
distributed to limited  partners on or about June 30, 1997. The Partnership will
terminate concurrently with the liquidating distribution.

RESULTS OF OPERATIONS

     Rental  income  increased  for the three months  ended March 31,  1997,  as
compared  with the same  period in 1996,  primarily  due to leasing  activity at
Woodlands  Plaza.  Space occupied by a tenant during the entire first quarter of
1997 was occupied for only a portion of the first quarter 1996. In addition, two
tenants expanded their space in the second quarter of 1996.

     Other  income  increased  for the three  months  ended March 31,  1997,  as
compared  with the same period in 1996, as the result of an increase in billable
services provided to tenants at Woodlands Plaza.

     Interest  income  decreased  for the three months ended March 31, 1997,  as
compared with the same period in 1996, due to a lower average cash balance.  The
cash balance for a portion of the first quarter of 1996 included proceeds from a
property  sale  completed  in December  1995.  The  proceeds  from the sale were
distributed to limited partners on February 15, 1996.

     The increase in fees and  reimbursements to affiliates for the three months
ended March 31, 1997,  as compared  with the same period in 1996,  was due to an
increase  in  partnership  management  fees.  Partnership  management  fees  are
calculated based on adjusted cash from operations. Adjusted cash from operations
for the first quarter of 1996 was lower than 1997

                                        8

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)



because 1996 had more deductions for capital improvements and leasing costs.

     The  provision for doubtful  accounts  increased for the three months ended
March 31, 1997,  as compared  with the same period in 1996,  primarily  due to a
tenant  problem at Lake Point.  A Lake Point  tenant  assigned its space in late
1996 to one of its affiliate companies without the Partnership's  permission and
the Partnership  concluded that the tenant was inappropriate for the center. The
"sub-tenant"  vacated the space in the first quarter of 1997 and the Partnership
recorded a provision  for doubtful  accounts for the  corresponding  outstanding
receivable balance.

     Depreciation  and  amortization  expenses  were not  recorded for the three
months ended March 31, 1997, as the Partnership's  properties were held for sale
as of December 1996.

     The joint venture net income increased for the three months ended March 31,
1997,  as  compared  with the same  period in 1996,  primarily  as a result of a
decrease  in  depreciation  expense.  Depreciation  and  amortization  were  not
recorded  in 1997 as the  property  was held for  sale.  In  addition,  property
operating  expenses  were  lower  in 1997 due to less  snow  removal  and  lower
maintenance and utility costs as a result of a milder winter.  The first quarter
1996 results were  negatively  impacted by an  adjustment  which  reduced  other
income, as the actual recovery of operating  expenses and taxes from tenants for
1995 was lower than estimated.

<TABLE>
<CAPTION>
                                    OCCUPANCY

     The  following is a listing of  approximate  physical  occupancy  levels by
quarter for the Partnership's investment properties:

                                                                   1996                                 1997
                                          ------------------------------------------------            ---------
                                            At 3/31      At 6/30      At 9/30     At 12/31             At 3/31
                                            -------      -------      -------     --------             -------
<S>                                         <C>          <C>          <C>         <C>                  <C>
1.   Woodlands Plaza II
     Office Building
     St. Louis, Missouri                      95%          99%          99%          99%                 99%

2.   Lake Point I, II, III
     Service Center
     Orlando, Florida                        100%         100%         100%         100%                 89%

3.   Westford Corporate Center
     Westford, Massachusetts (a)             100%         100%         100%         100%                100%

(a) The partnership  owns a 26.08% interest in the Westford Office Venture which owns the Westford Corporate Center.


                                                                 9
</TABLE>
<PAGE>



           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)



PART II - OTHER INFORMATION

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits:

         27 Financial Data Schedules

     (b) No Form 8-Ks were filed during the three months ended March 31, 1997.


                                       10

<PAGE>



                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.




                                  CONNECTICUT GENERAL EQUITY PROPERTIES-I
                                  LIMITED PARTNERSHIP


                                 By:      Connecticut General Realty Resources,
                                          Inc. - Third, General Partner




Date: May 14, 1997               By:      /s/ John D. Carey
      ------------                        -----------------
                                          John D. Carey, President
                                          (Principal Executive Officer)



Date: May 14, 1997               By:      /s/ Josephine C. Donofrio
      ------------                        -------------------------
                                          Josephine C. Donofrio, Controller
                                          (Principal Accounting Officer)



                                       11

<PAGE>